Press release
Booming Neurotechnology Market: Rapid Growth Fueled by Advanced Research and High Prevalence of Neurological Disorders
Neurotechnology Market
What Is The Projected Market Size Of The Global Neurotechnology Market And Its Growth Rate?
The neurotechnology market has witnessed considerable expansion recently and anticipates further growth:
• The market size stood at $15.38 billion in 2024.
• By 2025, it is projected to rise to $17.39 billion, with a CAGR of 13.1%.
• It is expected to soar to $29.8 billion by 2029, boasting a CAGR of 14.4%.
This growth results from increased research funding, aging population, high prevalence of neurological disorders, and robust governmental support.
What Is Driving The Growth In The Neurotechnology Market?
The escalating prevalence of neurological conditions serves as a major driver for the neurotechnology market. Neurological conditions encompass disorders or diseases that impact the brain, such as Alzheimer's disease, Parkinson's disease, epilepsy, and migraines. Neurotechnology assists in diagnosing and treating these disorders through brain imaging, neurostimulation, neurofeedback, and brain-computer interfaces. For instance, Alzheimer's disease and related dementias are anticipated to affect about 9.3 million people in the United States by 2060, according to the American Heart Association Inc. Similarly, the World Health Organization estimates that around 5 million people worldwide will be diagnosed with epilepsy annually by 2023. This burgeoning prevalence of neurological conditions propels the neurotechnology market growth.
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Who Are the Key Players Driving Neurotechnology Market Growth?
The neurotechnology market is propelled by major companies such as:
• General Electric
• Medtronic PLC
• Koninklijke Philips N.V.
• Shimadzu Corporation
• EndoStim Inc.
• Elekta AB
• Natus Medical Incorporated
• Abbott
• Boston Scientific Corporation
• Cleveland Medical Devices Inc.
What Are The Key Trends In The Neurotechnology Market?
Significant trends impacting the neurotechnology market include:
• Advancements in neuroinformatics
• Interventions targeting neuroplasticity
• Initiatives for brain mapping
• Development of remote monitoring solutions
• Emergence of non-invasive brain stimulation
What Are The Segments Of The Global Neurotechnology Market?
The neurotechnology market is subdivided:
1) By Conditions: Cognitive Disorders, Pain Treatment, Urinary and Faecal Incontinence, Epilepsy, Parkinson's Disease, Hearing Conditions, Sleep Disorder, Depression, Other Conditions
2) By Type: Imaging Modalities, Neurostimulation, Cranial Surface Measurement, Neurological Implants, Other Types
3) By End Use: Ambulatory Surgical Centers, Hospitals, Homecare Facilities, Other End Uses
Which Region Leads The Neurotechnology Market?
North America dominated the neurotechnology market in 2024. However, Europe is predicted to experience the fastest growth during the forecast period. The neurotechnology market report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Neurotechnology Market Global Market Report?
- Market Size Analysis: Analyze the Neurotechnology Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Neurotechnology Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Neurotechnology Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Neurotechnology Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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